# Union Members vs Non-Union: Demographic CA Effects

| Variable | All unions | Non-union | OECD floaters |
|:---|---:|---:|---:|
| Z_1 | 15.0393 | -3.4181 | -12.0323 |
| | (23.7368) | (15.4915) | (31.5490) |
| Z_2 | -1.9838 | 1.7761 | 1.0796 |
| | (3.6315) | (2.3620) | (4.2672) |
| Z_3 | 0.0813 | -0.1076 | -0.0185 |
| | (0.1494) | (0.0971) | (0.1608) |
| fiscal_bal_gdp | 0.4180*** | 0.3602*** | 0.2318*** |
| | (0.0547) | (0.0334) | (0.0375) |
| nfa_gdp_lag | 2.1220** | 0.8399*** | -0.1421 |
| | (0.8896) | (0.2436) | (0.3154) |
| rgdp_growth | 0.2100*** | 0.1553*** | -0.1585*** |
| | (0.0275) | (0.0207) | (0.0271) |
|:---|---:|---:|---:|
| N | 1230 | 4990 | 771 |
| R² | 0.0992 | 0.1071 | 0.2691 |
| Countries | 43 | 147 | 21 |

*Panel GLS with country and year fixed effects. 'All unions' pools EMU, CFA, ECCU, CMA members post-accession. 'Non-union' excludes all union members.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*